Canadian independent Valeura Energy is moving ever closer to restarting production at its Wassana oilfield offshore Thailand after completing modifications to the project’s floating storage and offloading vessel.
Valeura on Tuesday confirmed that modifications to the post-panamax tanker Jaka Tarub have been completed at a yard in Batam, Indonesia, making the floater compatible with Wassana’s infrastructure and capable of tandem crude loading and offloading.
Subject to favourable metocean conditions, the Jaka Tarub will soon arrive at the Wassana field in Gulf of Thailand, after which Valeura intends to resume oil production operations, targeting initial rates of up to 3000 barrels per day net to the 89% working interest share held by special purpose vehicle (SPV) subsidiary Valeura Energy Asia.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
